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Canadian stocks hit 11-month highs on crude rally

Xinhua, July 13, 2016 Adjust font size:

Canada's main stock market in Toronto on Tuesday reached its highest level since August as shares in oil and gas producers jumped with higher crude prices.

The Toronto Stock Exchange's benchmark Standard & Poor's/TSX Composite Index gained 115.79 point, or 0.81 percent, to close at 14,477.67 points. All of the TSX index's eight main sub-sectors were higher.

Oil prices rebounded as much as 4 percent on Tuesday from two-month lows in the previous session as investors were covering short positions.

The West Texas Intermediate for August delivery added 2.04 U.S. dollars to settle at 46.80 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery gained 2.22 U.S. dollars to close at 48.47 U.S. dollars a barrel on the London ICE Futures Exchange.

TSX energy sector was boosted up 3.19 percent as Canadian Natural Resources advanced 3.71 percent to 41.41 Canadian dollars (31.78 U.S. dollars), Suncor Energy added 2.59 percent to 37.23 Canadian dollars, and Baytex Energy went up 4.75 percent to 7.50 Canadian dollars.

Financials stocks also lent support with a 1.24 percent rise, as Royal Bank of Canada went up 1.24 percent to 79.08 Canadian dollars and Toronto-Dominion Bank rose 1.37 percent to 56.29 Canadian dollars.

Shares in Northland Power Inc. jumped 6.65 percent to 24.22 Canadian dollars after the green energy company said it was considering its strategic options as it eyes more and larger opportunities.

Canadian National Railway Company added 2.23 percent to 79.79 Canadian dollars and rival Canadian Pacific Railway Limited rose 2.00 percent to 177.94 Canadian dollars.

The most influential drags on the index were its gold miners, with Barrick Gold down 7.02 percent to 26.89 Canadian dollars, Goldcorp off 3.50 percent at 25.39 Canadian dollars, and Silver Wheaton Corp. fell 4.36 percent to 33.12 Canadian dollars.

Economists found that TSX index will likely notch only minor gains by year-end, as investors remain cautious about global growth, the U.S. election in November, and whether oil prices will hold on to their recent strength.

The Canadian dollar traded higher at 0.7675 U.S. dollar, compared with Monday's closing rate of 0.7621 U.S. dollar. Endit